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Billionaire investor Mark Cuban joined leaders of major crypto projects in a panel discussion at the DeFi Summit virtual conference.
What happened: Cuban, who recently confirmed an investment in the Ethereum Layer 2 Polygon (CRYPTO: MATIC) scaling solution, said that aside from Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: BTC) : ETH), the Polygon network was destroying everyone.
Cuban called Bitcoin a store of value and Ethereum a legacy, saying these networks would not go away.
Then there is everyone, he says. At this moment, Polygon destroys all the others (sic).
Emphasizing that many of these other crypto projects have fully diluted market caps of over $ 20 billion, Cuban pointed out that the longer they take to get out and not be vapowares, the more disadvantaged they will be.
We always talk about crypto winters or these big price drops. We haven’t seen anything yet, Cuban said, comparing today’s dynamics to the Internet boom between 1995 and 2000.
In each category there was a ton of competition, but it really was a zero sum game. Maybe a big winner, and a few tracking numbers, then the other 90% go bankrupt (sic).
Also read: What is Polygon (MATIC)
Cuban thinks we’ll see the same happen with Layer 1 and Layer 2 solutions on the market today, unless they catch on.
Now, because of what’s going on with Polygon, where they’re gaining so much momentum, it’s going to be hard to catch up.
Price Action: The native MATIC polygon token has gained over 9,000% since the start of the year.
At the time of going to press, MATIC was trading at $ 1.50, down 8.69% in the past 24 hours.
Image: TechCrunch via Wikimedia
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